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The FIBA AML Institute Presents
Selling the Right People the Right Products the Right Way
To help meet the training needs of private bankers, FIBA has developed a unique and highly specialized course. The focus of this course is to enhance the skills and techniques of experienced private bankers to help them acquire more detailed and potentially more sensitive person and financial information from clients as required in today’s highly regulated environment. The FIBA Private Banking Sales Compliance Course will focus on what bankers can do, consistent with current regulatory and compliance requirements, to be more effective developing a broader wealth management relationship with the “right clients” by selling them the “right products” the “right way”.
The ideal candidate for this certificate will have at least 3 years experience in private banking. FIBA is proud of the depth of compliance knowledge its members already have, especially in the AML/KYC are, so this course is not designed to teach the basics of compliance. Rather, it is to enhance the selling and communications skills of private bankers which will allow them to sell products tailored to their clients’ needs and understand the broader financial planning needs of their customers.
Module One - The Ethical Foundation of a Successful Business
“Selling to the Right People”
. Understanding the new regulatory framework and its relevance to banks and bankers to manage their clients’ wealth in the 21st century
II. The benefits of using a consultative sales process to identify more business opportunities and be fully compliant
III. Identifying and effectively dealing with critical compliance issues during client acquisition
IV. Assessing the “real world” challenges associated with client profiling and identification
V. Methods and techniques to more easily obtain required client information and overcome potential client resistance
VI. Position strategies that communicate the importance of comprehensive account profiling with clients
VII Questioning techniques and methods that will allow bankers to gain their clients’ confidence and trust throughout the profiling process
VIIIRoundtable exchange of “best practices” on how to acquire the “right client”
Module Two - The Ethics of Building Account Relationships
“Selling the Right Products”
I. Understanding the regulatory framework for determining suitability and how it protects clients, banks and bankers
II. Enhancing the client profiling process to gain information that is needed to identify more business opportunities and ensure suitability
III. Regulatory and compliance issues associated with using fiduciary structures to meet non-resident alien clients’ wealth management need
IV. Applying the “Risk Spectrum” to bank/investment products specific to different client profiles
V. Methodology for selecting the “right products” and aligning them with the “right client”
VI. The importance of disclosure and documentation - Ways to make the banker’s job easier
VII Private Banker best practices roundtable on suitability and wealth management practices
Module Three - The Ethics of Account Management
“Selling the Right Way”
I. New asset retention issues affecting banks/bankers in the highly competitive global Private Banking environment
II. The importance and advantages of clarifying and managing client expectations
III. Using the bank’s requirements for meeting ongoing regulatory and compliance expectations to deepen client relationships and identify new business opportunities
IV. The communication and documentation challenge - Looking for client profile ;changes that may affect risk tolerance and product suitability
V. Fraud prevention - The Private Banker’s role as the first line of defense
VI. When to involve Compliance - Understanding why Compliance is not the “business prevention department
VII Techniques for using your Bank’s “account monitoring” process as a way to build stronger client relationships
VIIIAccount management and client documentation best practices roundtable
IX FIBA Code of Conduct - Rule to live by
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